The picture would be quite different if the top 1% were our country's doctors and teachers. A study by the New Economics Foundation has shown that leading city bankers, with incomes of £500,000 or more, destroy £7 of social value for every £1 they earn. By comparison, hospital cleaners generate £10 of social value for every £1 they earn.
Today, Bill Gates will present a report commissioned by President Sarkozy that will recommend G20 leaders adopt Robin Hood taxes as a way of fighting poverty and climate change. It is a real opportunity and one the G20 needs to grasp.My hope is that a group of willing leaders will use Cannes as an opportunity to press ahead with Robin Hood taxes to fight poverty in their own countries and overseas. It would be great if David Cameron joined them. For one thing it would make me and possibly the St Paul's protesters a little less angry.